EIDL Loan Application Portal Opened to Agricultural Enterprises Only
The Small Business Administration opened its Economic Injury Disaster Loan (EIDL) portal on May 4, 2020, to agricultural enterprises only. This opening is due to the Paycheck Protection Program and Healthcare Enhancement Act, which provided additional critical funding for farmers and ranchers affected by the Coronavirus (COVID-19) pandemic. An Economic Injury Disaster Loan advance of up to $10,000 is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. Agricultural producers who submitted an EIDL loan application prior to the legislative change will not need to re-apply.